By Our Correspondent
BHUBANESWAR: The The State Cabinet chaired by Chief Minister Naveen Patnaik on Saturday approved a proposal from the Steel and Mines department to allow the State-owned OMC Limited to sell the entire quantity of bauxite ore meant for sale through national e-auction for the financial year 2020-21 to long term linkage supplier, Vedanta Ltd. The sale price will be Rs 1000 per metric tonne.
Also, OMC will provide an undertaking to pay the differential rate as stipulated by the Orissa High Court. This shall be done as one-time measure limited to FY2020-21, the official further said. A total of 16 proposals were approved by the State Cabinet during today’s meeting.
This shall be done as one time measure limited to the FY 2020-21.This decision of the Cabinet will prevent loss of revenue to OMC Limited (a Government of Odisha PSU) as unsold Bauxite ore meant for auction would have lost its quality and value because of hygroscopic nature.
Besides, assured supply of Bauxite would also facilitate faster industrial and economic development of the State.The Cabinet approved the amendment of the Odisha Lokayukta Act, 2014 (Odisha Act, 12 of 2018) which restrict re-appointment and assignment or appointment of the Chairpersons outside the State, after demitting the office.
A Gold Category State PSU, Odisha Mining Corporation Limited was set up in 1956 as a joint venture between the Govt. of India and the Govt. of Odisha to harness the mineral wealth of the state. In 1961, the company became wholly owned by the Govt. of Odisha.
The major minerals mined by OMC are chrome, iron and manganese ore which cater to the requirement of mineral based industries such as steel, sponge iron, pig iron, ferro-manganese, ferro-chrome, etc. both in India as well as overseas.
